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Construction issues can plague residential real estate deals

Any real estate transaction can get instantly complicated, especially when new construction is involved. When new construction is under contract, residential real estate deals may hit snags that require legal support or intervention. Those in Michigan who are embarking on any kind of new construction project can be better prepared for the process and possible complications by being aware of what can go wrong and what to do about it before issues derail the project altogether.

Any new construction project requires a great attention to details, both regarding the actual construction and the regulations pertaining to the project. If any part of the project conflicts with municipal codes, the project may have to be paused or completely halted. Legal support can ensure code compliance and defense against claims of code violations.

Inheritances can get complicated for Michigan families

Creating an estate plan that works for every family is impossible because families vary greatly, and the needs of one will not fit the needs of all others. Because of family differences and varying dynamics, plans for inheritances can get infinitely complicated. Michigan families can explore their options for creating plans that take their unique circumstances into account to ensure members' specific inheritances are outlined and drafted as part of comprehensive estate plans.

One complication that is becoming more common is blended families. A parent may have separate property and assets that he or she wants left to his or her biological children, along with assets for a surviving spouse. In situations such as this, leaving an equal share to all children may not be feasible or be the desired outcome. This can be even more complex of a situation if parents have a child together and each has separate children. Tensions can easily arise between biological and step-children if specifics are not handled properly.

Trust administration can ensure funds are handled correctly

The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly personal venture. If someone chooses to pass wealth through the use of a trust, the responsibility of trust administration is a challenging responsibility. Michigan beneficiaries and residents embarking on the process of trust creation can ensure proper trust administration by first realizing which kinds of trusts are available and may work best for their given situation.

When minor children are involved, a trust can be specifically created to care for their needs. If a child has special needs, medical or otherwise, a special needs trust can be created to take care of those concerns for years to come. This allows a parent to protect and provide for the children long after that parent is gone.

Michigan probate litigation can become complicated

After the loss of a loved one, few surviving family members have the energy to focus on legal issues or potential estate complications. However, lack of action or a misunderstanding of the probate process can result in probate litigation and other legal complications for grieving families. Michigan families can minimize conflict and head off any potential problems with professional assistance, a clear understanding of the types of probate and they may mean as far as the distribution of the decedent's assets is concerned.

In some cases in Michigan, a supervised probate will be appropriate. This will lead to a hearing before a judge. The hearing will address the assets of the estate and result in a determination regarding how assets will be distributed.

Single parents in Michigan need to take estate plan steps

While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is particularly important for single parents to ensure no stone goes unturned when legally outlining what their wishes are in the event of their passing. Michigan parents who are raising children on their own must take steps to create a comprehensive estate plan. The fate of assets is on the line, and, more importantly, the fates of any minor children are on the line also.

If there is another parent who can step in as guardian, that person may raise the children and be responsible for any assets the children inherit from the other parent. While ensuring the children are raised by the surviving parent may be the right decision, the ownership of assets belonging to the other parent might not be. These assets can be controlled by another party, such as another family member, or put into a trust controlled by another party.

Take inheritance into consideration when estate planning

One of the biggest concerns many people have when it is time to begin the estate planning process is what to leave their children, namely adult children. When deciding on what to do as far as an inheritance is concerned, there are numerous options. Michigan families have several approaches they may wish to consider to construct a fair and effective estate plan.

It has been estimated that over half the retirees in the United States plan to leave an inheritance averaging more than $176,000. This kind of inheritance plan necessitates forethought and careful consideration. While leaving adult children an equal amount is typically the norm, splitting an inheritance equally may not work for some families because of specific issues with one or more adult child. One option to avoid chaos or mismanagement of an inheritance is have an executor and a last will and testament in place.

Real estate transactions require specialized support in Michigan

A real estate transaction is typically the largest and most expensive transaction most people ever encounter. With so much at stake, it only makes sense to give all real estate transactions the specialized attention required to ensure legality and fairness and to ensure the rights of all involved protected before, during and after the deal is closed. Protection during a real estate transaction is not just one-sided either as both parties in Michigan need protection as the deal unfolds.

There are issues that can derail a real estate transaction before anyone sits down to sign on the dotted line. The inspection that takes place before the property changes hands can be a real sticking point and may require legal assistance. If unexpected issues are found during the inspection, such as hazardous materials, there has to be a plan going forward. Without legal support and the understanding of options, this kind of situation can result in one party not getting a fair resolution or footing the bills for a resolution he or she should not have.

An estate plan can protect Michigan businesses

Business creators work tirelessly to ensure success, but that may all be in vain if proper provisions are not in place to protect the business later on. An appropriate estate plan covers both personal and business interests. Michigan business owners can benefit from creating an estate plan specifically for the business they have worked to see successful.

A buy-sell agreement is one tool that is commonly used in these situations. It gives  one owner the right to purchase the other owner's interest automatically in the event the other owner dies. This can prevent children or other family members from being forced upon business partners, which may be particularly important in situations where the deceased partner's surviving family member/s do not want to or know how to run the business.

Landlord/tenant dispute finally results in eviction

For one landlord in another state, the fight to get tenants legally evicted was a long and complicated process. The landlord/tenant dispute took months to resolve and no less than 10 court appearances. Michigan landlords may benefit from understanding how the case unfolded and what procedures finally ended the ordeal.

The dispute began when two tenants rented a three bed-room apartment from a man. The tenants then proceeded to embark on extensive renovations to the apartment. They eventually converted the space into a 10 bedroom apartment. They rented out these small spaces for $35 a night and targeted short-term renters.

Ways to avoid conflict with kids and an estate plan

The idea of leaving children an even amount of funds or assets in the event of a parent's passing may seem natural and an easy decision for parents to make. However, real life issues and varying family situations can make it a challenge to avoid conflict between adult children and parents as those parents embark on the process of creating an estate plan. There are tips to help Michigan families navigate this sensitive subject and minimize the potential for conflict.

It is important for parents creating an estate plan, or who have already created one, to know exactly what there is to split. All financial matters should be known, and significant changes to those finances should warrant updating an existing plan. Any plan should represent the current situation. Also, any varying situation between adult children may make an even split unmanageable or unfair in some way.

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